- Ethereum resumes the uptrend above $180 following the short-term triangle breakout.
- ETH/USD technical levels remain positive; bullseye $188.00 (last week’s highs).
Following the ballistic rise to levels around $188.00, ETH/USD succumbed to bear pressure and dropped below the 100 SMA 15-minutes chart. The support at $176.00 caved into the pressure, however, Ethereum found support at $174.53. Using this level as a stepping stone the bulls made another assault towards $188 but run out of steam at $184.00.
Short-term Triangle Breakout
In the last couple of days, ETH/USD has traded sideways with very subtle movements to either direction. The subtle highs and lows formed a contracting triangle pattern. The breakout above the triangle resistance during the Asian session on Wednesday has seen Ethereum not only recover above the 100 SMA and the 200 SMA 15-minutes but also stepped above the critical $180.00 level.
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